Calcutta High Court
Magma Fincorp Limited vs Pubali Bhattacharjee & Ors on 7 February, 2020
Equivalent citations: AIRONLINE 2020 CAL 630
Author: Ashis Kumar Chakraborty
Bench: Ashis Kumar Chakraborty
OD-39
AP 75 of 2020
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
MAGMA FINCORP LIMITED
Versus
PUBALI BHATTACHARJEE & ORS.
BEFORE:
The Hon'ble JUSTICE ASHIS KUMAR CHAKRABORTY
Date : 7th February, 2020.
Appearance:
Mr. K.K. Pandey, Adv.
Mr. S. Bose, Adv.
...for the petitioner.
The Court : This is an application under Section 9 of the
Arbitration & Conciliation Act, 1996 as amended by Act 3 of 2015
(in short, "the Act of 1996").
From the affidavit of service filed by the petitioner it
appears that the petitioner forwarded copies of the application to
the respondents and they received the same. However, the
respondents remain unrepresented. Accordingly, this application is taken up for hearing in the absence of the respondents.
It is the case of the petitioner that in terms of an agreement dated 16th November, 2018 (hereinafter referred to as "the said agreement") the respondent no.1 obtained financial accommodation for acquiring the asset, described in paragraph 2 of 2 the petition which remains hypothecated in favour of the petitioner. The respondent nos.2 and 3 as the guarantors are also parties to the said agreement, which contains an arbitration clause. According to the petitioner, the respondent no.1 failed to pay the monthly instalments in terms of the said agreement and as on 15th January, 2020, Rs.21,66,735/- remains outstanding from the respondents to the petitioner. Accordingly, the petitioner terminated the said agreement and filed this application to take possession of the hypothecated asset through Receiver.
Considering the materials on record, I find that the petitioner has made out a prima facie case for obtaining interim protection in respect of the hypothecated asset, described in paragraph 2 to the petition, presently lying at Barasat in the District of North 24-Paraganas.
Accordingly, Mr. Amal Kumar Datta, Advocate of Bar Association (Room no.16) is appointed the Receiver to take actual physical possession of the hypothecated asset, described in Paragraph 2 of the petition from the respondents. After taking possession of the hypothecated asset, the Receiver shall keep the same, in his custody, at a safe place to be provided by the petitioner.
The Receiver shall be paid an initial remuneration of 2000 GMs by the petitioner. The petitioner shall also arrange for the visit of the Receiver at the relevant places in the District of 3 North 24-Paraganas. Needless to mention that a competent officer of the petitioner shall all along accompany the Receiver in the District of North 24-Paraganas.
If necessary, the Receiver shall approach the Superintendent of Police for obtaining police assistance to implement this order. If the petitioner deposits the requisite fees with the concerned authorities, the Superintendent of Police of the concerned District shall render necessary police assistance to the Receiver to take actual physical possession of the hypothecated asset from the respondents.
The application is made returnable on February 24, 2020. The Receiver shall file his report on the next date of hearing.
All parties, including the Receiver and the concerned police authorities shall act on the copy of the certified website copy of this order.
(ASHIS KUMAR CHAKRABORTY, J.) s.pal